DHFL: RBI files insolvency application with NCLT
On November 20, RBI superseded DHFL’s board of directors and appointed former banker R Subramaniakumar the Administrator.
November 29, 2019 / 09:30 PM IST
The Reserve Bank of India (RBI) on November 29 filed an application to begin insolvency proceedings against DHFL with the Mumbai bench of the National Company Law Tribunal.
Also read | DHFL resolution: What happens to public deposits?
According to a release by the central bank, an interim moratorium shall commence from the date of filing of the application till its admission or rejection.
Also read | RBI supersedes DHFL board: What lies ahead for the NCLT-bound lender
On November 20, RBI superseded DHFL's board of directors and appointed former banker R Subramaniakumar as the Administrator. The central bank also appointed a three-member committee to assist the Administrator. This was facilitated by recent amendments in the IBC that paved the way for the regulators to initiate resolution proceedings for financial service providers.